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Japan logs trade deficit again in Dec as imports outpace exports -MOF

2023-01-18T23:57:14Z

Japan’s exports rose 11.5% in December from a year earlier while imports grew 20.6%, resulting in a trade deficit worth 1.45 trillion yen ($11.27 billion), Ministry of Finance data showed on Thursday.

The rises in shipments and imports compared with 10.1% and 22.4% year-on-year gains respectively expected by economists in a Reuters poll. The trade deficit compared with economists’ median estimates for 1.65 trillion yen.

For the whole of 2022, Japan logged a trade deficit of 19.971 trillion yen, the biggest amount on record going back to 1979.

To view full tables, go to the MOF website:

http://www.customs.go.jp/toukei/info/index_e.htm

($1 = 128.6100 yen)

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At Lunar New Year, desserts can be customary or ‘cute-ified’

Every Lunar New Year without fail, Kat Lieu’s mother would make her steamed nian gao, which is a sweet rice — or mochi — cake. It was a tasty tradition of having dessert for breakfast.

The Seattle-based author of the “Modern Asian Baking at Home” cookbook and founder of the Subtle Asian Baking online group switches things up for her 9-year-old son. He gets mochi waffles made with bright green pandan the first morning of the new year.

“This year again I’m going to make the waffles,” said Lieu, who is half Chinese and half Vietnamese. “I’m also going to make the steamed nian gao and things like that, and try to have him appreciate it more, too.”

Unlike Thanksgiving, when pie is a given at many households, desserts and confections at Lunar New Year are as varied as the Asian diasporas around the world that celebrate it.

Families from China to the U.S. to Vietnam will mark the new year on Sunday with the usual customs such as elaborate dinners and red envelopes with money for children. There will be customary sweet snacks like nian gao. But in this age of social media, food savviness and cultural pride, younger generations of Asians also are getting more inspired to have dessert courses that are whimsical and creative — from black sesame financiers to peanut butter miso cookies.

In Beijing, residents have been flocking to the flagship store of Daoxiangcun, one of the city’s best-known bakeries, for new year-themed dessert gift boxes in which some of the pastries were shaped like a rabbit, the animal of the upcoming year’s Chinese zodiac.

On Saturday, people stood in line outside the store for up to four hours for the chance to buy baked goods, according to a staffer. Even at a less popular branch half a block away, customers still had to wait 40 minutes.

For Lexi Li, it was about bringing a little something to loved ones even though it meant waiting in the line for seven hours in sub-freezing temperatures.

“I don’t really like desserts and pastries, but I just want to bring something home as a gift,” said the 30-year-old, who walked out with a stack of eight boxes for friends and family in her hometown Taiyuan, in central China’s Shanxi province.

Known for its diverse food culture, China offers a variety of Lunar New Year desserts that are usually rice-based or flour-based. They include tang yuan, which are mochi-esque rice balls with black sesame or peanut paste in soup, as well as sesame balls, almond cookies, candied lotus seeds and fat goh — steamed cakes also known as prosperity cakes.

Nian gao remains one of the most popular options. Its key ingredient is glutinous rice flour, along with other things such as taro, dates, jujube and red bean paste, depending on the variety. Its name is a homonym for “higher year” in Chinese, meaning a more prosperous year ahead and expressing wishes for children to grow taller.

The well-preserved tradition plays a vital role in passing on Chinese culture because it keeps alive a food culture honoring grains and reminding people of how festivals are celebrated going back to the seventh century, according to Siu Yan Ho, a Hong Kong-based expert in Chinese food culture.

“Food is memory, and this memory is connected with festivals,” Siu said.

In Vietnam, which is celebrating the Year of the Cat, sweets also differ by region. Vietnamese people eat nian gao, which they call banh to. They also eat che kho gao nep, a pudding made with sticky rice and a mixture of water, ginger and either sugar or molasses. Other delectables include che kho dau xanh — a mung bean pudding made with coconut milk and sugar — and banh tet chuoi, a glutinous rice cake with bananas.

“On Lunar New Year, for three days you go visit family, friends and teachers,” said Linh Trinh, a Vietnamese food historian who is getting a PhD in the subject at the University of Michigan. “So everybody has to store a lot of snacks in their house for people to come visit and have tea. It becomes like the pride of the household to serve their traditional snacks.”

More U.S. companies are finding a sweet spot in incorporating Lunar New Year elements. Cupcake chain Sprinkles, in collaboration with the pan-Asian cultural support nonprofit Gold House, is selling red velvet cupcakes with an almond cookie crust and almond cream cheese frosting. At Disney California Adventure Park, guests can order milk tea cheesecake with taro mousse.

Judging by the 150,000-plus membership of the Subtle Asian Baking Facebook group, a lot of Asians are more about showing off something they made for the holiday rather than bought. The community has come a long way from when Lieu started it in 2020. For the third year, there has been a virtual Lunar New Year bake-off on Facebook and Instagram where members share photos of stunning macarons, chiffon cakes and other pastries.

“You’re innovating. You’re bringing appreciation to all these amazing ingredients,” Lieu said. “And then you’re you’re making it your own traditions, which is amazing.”

Kelson Herman, of San Francisco, crafted a sourdough boule with an illustration of Miffy, a girl bunny from a popular Dutch children’s book series, for the Lunar New Year. Already an avid baker, the 44-year-old got inspired by seeing online what other people were doing.

“I see a lot of boundaries being pushed, people trying to not just one-up each other but be more creative,” Herman said. “I feel like it always comes down to flavors that bring back kind of familial memories. … It could be things that just evoke conversation and family.”

In Queens, New York, Karen Chin made a two-tier cake frosted in coconut buttercream topped with a white chocolate rabbit. One layer was vanilla with red bean paste. The other was spiced cake with cardamom and mango curd. It’s a far cry from the fat goh her grandmother makes.

“I told my grandma that I was going to make a cake. And she’s like, ‘Don’t make it too complicated,’” Chin said, chuckling.

Yet, Chin’s creativity yielded some special family moments.

“I was so touched because last time when she came and she ate something, she’s like ‘You make good food.’ I was like, ‘Wow, that’s the first time she complimented me,’” Chin said.

Sue Ng, who was born and raised in Canada but now lives in Hong Kong, loves to “cute-ify” pastries for special occasions. During the pandemic, she found a passion for combining baking and her love of Asian pop culture. Past Lunar New Year creations included a rolled cake that looked like a White Rabbit Creamy Candy, a Chinese brand as iconic as the Hershey bar.

Ng said that because her two school-age daughters have grown up in Hong Kong, they’ve learned the importance of the Lunar New Year, including the food. But she also likes to throw in something different, such as black sesame financiers and salted egg yolk cookies.

“A Lunar New Year dessert to me is something made using Asian elements with reference to traditionally-made goods during this time,” Ng said in an email. “Now we can be creative and make something like nian gao-filled cookies and the ideas are limitless! Sweet treats are a must during this time because it symbolizes a sweet life.”

____

Associated Press news assistant Caroline Chen in Beijing contributed to this report.

____

Tang is a member of The Associated Press’ Race and Ethnicity team. Follow her on Twitter at @ttangAP.

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EXPLAINED: Possible Causes of the Brovary Helicopter Crash

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Nothing has been ruled out at this early stage of the investigation.

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France hit by nationwide strike as unions fight Macron“s pension reform

2023-01-19T07:30:31Z

Trains ground to a halt in France on Thursday, schools were shut and businesses disrupted as workers walked off their jobs in an attempt to derail a planned pension reform that would see the retirement age pushed up by two years to 64.

The nationwide day of strikes and protests is a major test for President Emmanuel Macron, who says his flagship reform is vital to ensure the pension system does not go bust.

Opinion polls show French voters overwhelmingly reject his plan to make them work longer.

“There’s nothing good in this reform,” said Rozenn Cros, in the southern French city of Cannes, as she and other teachers prepared for the strike, with banners including “No to 64.”

The challenge for unions, which are far less powerful in France than they used to be, is whether they can transform that opposition to the reform – and anger with a cost-of-living crisis – into a mass social protest that would last beyond Thursday and eventually get the government to back-track.

“This issue of pensions channels all the discontentment,” the leader of the hardline CGT union, Philippe Martinez, told Public Senat TV. “Today is going to be a very big day of mobilisation.”

For Macron, what is at stake is his reformist credentials, both at home and with his European Union peers, as well as keeping public spending in check.

Pushing back the retirement age by two years and extending the pay-in period would yield an additional 17.7 billion euros ($19.1 billion) in annual pension contributions, allowing the system to break even by 2027, according to Labour Ministry estimates.

Unions argue there are other ways to ensure the viability of the pension system such as taxing the super-rich or increasing employers’ contributions or those of well-off pensioners.

Unions have described the day as a starting point, with more strikes and protests to follow.

“What nobody can know, and even the unions don’t know is whether French people are cross enough to … block the country,” said Sciences Po professor Bruno Palier.

The reform still needs to go through parliament, where Macron has lost his absolute majority but is hoping to get it adopted with the support of conservatives.

Public transport was severely disrupted on Thursday.

Only between one-in-three and one-in-five high-speed TGV lines were operating, with barely any local or regional trains running, the SNCF rail operator said.

Some seven-out-of-10 primary school teachers have said they will strike, their main union said.

French power supply was reduced at eight nuclear reactors and at some hydropower plants due to the strike, utility group EDF said.

TotalEnergies’ chief executive Patrick Pouyanne said one day of strikes and protests will not disrupt refinery operations, but this could change if the strikes were to last.

Meanwhile, Macron and several of his ministers will be in Barcelona on Thursday for a meeting with the Spanish government.
($1 = 0.9246 euros)

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A passenger walks past a TGV Ouigo high speed train at Gare Montparnasse railway station during a strike by French SNCF workers in Paris as part of a nationwide day of strike and protests against French government’s pension reform plan in France, January 19, 2023. REUTERS/Gonzalo Fuentes

A man walks on a platform at Gare Montparnasse railway station during a strike by French SNCF workers in Paris as part of a nationwide day of strike and protests against French government’s pension reform plan in France, January 19, 2023. REUTERS/Gonzalo Fuentes

An empty platform is seen at Gare Montparnasse railway station during a strike by French SNCF workers in Paris as part of a nationwide day of strike and protests against French government’s pension reform plan in France, January 19, 2023. REUTERS/Gonzalo Fuentes

A SNCF Express Regional (TER) train is seen at Gare Montparnasse railway station during a strike by French SNCF workers in Paris as part of a nationwide day of strike and protests against French government’s pension reform plan in France, January 19, 2023. REUTERS/Gonzalo Fuentes

SNCF Express Regional (TER) trains are seen at the Saint-Lazare train station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform, France, January 18, 2023. REUTERS/Sarah Meyssonnier

A passenger waits for a metro operated by the Paris transport network RATP inside a subway station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform in France, January 18, 2023. REUTERS/Gonzalo Fuentes

Passengers crowd into a metro operated by the Paris transport network RATP at a subway station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform in France, January 18, 2023. REUTERS/Gonzalo Fuentes

Passengers crowd into a metro operated by the Paris transport network RATP at a subway station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform in France, January 18, 2023. REUTERS/Gonzalo Fuentes

A SNCF Express Regional (TER) trains is seen at the Saint-Lazare train station in Paris on the eve of a nationwide day of strike and protests in key sectors like energy, public transport, air travel and schools against the pension reform, France, January 18, 2023. REUTERS/Sarah Meyssonnier
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Analysis: Ardern“s successor as Labour leader faces tough October election

2023-01-19T07:48:23Z

New Zealand Prime Minister Jacinda Ardern addresses members of the media during a joint news conference hosted with Australian Prime Minister Anthony Albanese, following their annual Leaders’ Meeting, at the Commonwealth Parliamentary Offices in Sydney, Australia, July 8, 2022. REUTERS/Loren Elliott/

New Zealand Prime Minister Jacinda Ardern’s sudden resignation on Thursday may have come as a shock to the rest of the world, but as her popularity waned domestically, some had questioned how long she would remain in power.

Her successor as Labour leader and prime minister faces a stern test in a general election in October, with support for the party falling and the country expected to fall into a recession next quarter.

Despite her high global profile, Ardern’s Labour Party has slid in the polls, hurt by rising living costs, growing crime and concern about social issues.

A 1News-Kantar poll released in December had Labour at 33%, down from 40% at the start of 2022. That meant that even with traditional coalition partner the Green Party, polling at 9%, Labour could not hold a majority.

In addition, the party’s previous tough COVID-19 rules, policies on water infrastructure, a move to tax methane emissions from cattle and sheep – hitting the country’s dominant agricultural industry – and discussions around co-governance with Maori have sparked controversy.

“The fact is now she’s a polarising figure,” said Grant Duncan, a professor at Massey University.

Ardern most likely stepped down to give the Labour Party a chance to refresh and reposition itself ahead of an election in October, experts said.

“There is a potential for a Labour leader to come in and kind of reset the Labour Party to a party that’s focused on the issues that voters are focused on – cost of living, inflation and making sure that wage earners get more of their share of the wealth,” said Josie Pagani, a former Labour candidate.

The conservative National Party may be buoyed by Ardern’s resignation.

“Obviously this gives National an even stronger chance of winning this election,” said Bryce Edwards, a research fellow at the school of government at Victoria University of Wellington.

“Jacinda Ardern was really Labour’s best weapon, best asset, but I also think that she was also someone who was increasingly putting off swing voters,” he said.

The National Party has said it would repeal water infrastructure legislation that has become a lightning rod and is likely to soften rules on agricultural emissions to appease its traditional rural base.

“National is much more likely to be sympathetic to farmers and dairy producers,” Duncan said.

Labour’s weak standing in the polls may discourage the party’s best potential leaders from throwing their hats in the ring so soon before an election, which could worsen their chances at the ballot box.

“The kinds of folks who have leadership ambitions may wish to refrain from taking that up right now,” said Eric Crampton, chief economist at The New Zealand Initiative, a think tank.

Under Ardern, New Zealand’s views on everything from gun control to China have attracted outsized interest for such a small country.

She adopted a harder line on China, including on Beijing’s cyber activities and its activities in the South China Sea and the South Pacific, Robert Ayson, professor of Strategic Studies at Victoria University of Wellington, wrote in a piece for the Lowy Institute on Thursday.

Ardern’s successor inherits an economy gripped, like others around the world, by stubbornly high inflation and workforce shortages, particularly in a health sector that has been exhausted by the pressures of COVID-19. The Reserve Bank of New Zealand forecasts the country will be in recession when the country goes to the polls in October.

“The most substantial challenge over the next year will be trying to engineer some sort of soft landing out of all of that, and figure out ways of getting inflation back in line without killing everything,” Crampton said.

Despite the prospect of a change in government, there was no reaction in the New Zealand dollar after Ardern’s announcement.

Jarrod Kerr, chief economist at Kiwibank, said her resignation would not move markets and he would not be revising his rate and currency forecasts.

“We’re not Third World countries,” he said. “The changes to whatever economic policy is likely to come from here is I think rather small.”

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Report: Climate change fueling conflict in Lake Chad Basin

MOMBASA, Kenya (AP) — Droughts, flooding and a shrinking Lake Chad caused in part by climate change is fueling conflict and migration in the region and needs to be better addressed, a report said Thursday.

Human rights group Refugees International called for the issue to be central to a high-level international conference on the Lake Chad basin next week in Niamey, Niger’s capital.

The report found that shrinking natural resources due to adverse weather are heightening tensions across communities and displacing people. It said that around 3 million people have been displaced and an additional 11 million were in need of humanitarian assistance.

“For too long, insufficient attention has been paid to how climate change fuels violence and displacement,” report lead author Alexandra Lamarche told The Associated Press. “International responses to the Lake Chad basin crisis have singularly focused on the presence of armed groups.”

A 13-year insurgency of the Boko Haram extremist group and other militant groups have destabilized the Lake Chad basin and the wider Sahel region. The basin is shared between Cameroon, Chad, Niger and Nigeria.

The Lake Chad region is facing “much more than a climate and ecological crisis,” said Mabingue Ngom, the senior advisor to the executive director of the United Nations population agency. “It is a humanitarian issue touching on peace and regional development.”

The United Nations weather agency warned that Lake Chad basin “is particularly vulnerable to climate change related extreme events such as floods and droughts” and issued alerts that “extreme events will likely become more abundant causing more frequent droughts and flooding with impacts on food security and general security in the region.”

Lamarche noted that the Logone Birni commune in northern Cameroon was particularly vulnerable to increasing violence as climate change worsens.

“Fighting over access to natural resources (in Logone Birni) forced 60,000 people to seek refuge in neighboring Chad in late 2021,” Lamarche said.

The Lake Chad basin in west and central Africa covers 8% of the African continent and is home to 42 million people whose livelihoods revolve around pastoralism, fishing and farming, according to figures from the Lake Chad Basin Commission.

The U.N. environment agency notes that Lake Chad has shrunk 90% in 60 years, which climate change a significant contributor. Irrigation, the construction of dams and population increase were also to blame.

A provisional agenda of next week’s summit seen by The Associated Press suggests that the “adverse impacts of climate change” will feature as part of peacebuilding and humanitarian efforts.

Lamarche said the conference is “the perfect opportunity for international donors to commit to long-term solutions to address the nexus between climate change, violence, and displacement in the region.”

The meeting in Niamey will be the third high-level summit on the lake’s basin.

___

Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

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Actor Julian Sands missing in Southern California mountains

RANCHO CUCAMONGA, Calif. (AP) — Actor Julian Sands, star of several Oscar-nominated films including “A Room With a View,” has been missing for five days in the Southern California mountains, where he was hiking, authorities said Wednesday.

Sands, 65, was reported missing Friday on a trail on Mt. Baldy, San Bernardino County sheriff’s spokeswoman Gloria Huerta said.

Search and rescue crews looked for Sands in the area of the San Gabriel Mountains, about 40 miles northeast of downtown Los Angeles, but had to suspend the ground search on Saturday because of trail conditions and avalanche risks, and have not been able to resume since, Huerta said.

They are searching for Sands as weather allows with helicopters and drones, and will resume the ground search when it’s safe, authorities said.

The latest in a series of storms that have created dangerous mountain conditions swept into Southern California on Friday and lasted through the weekend. Two other hikers have recently died in the area.

Representatives for Sands, an English-born actor who now lives in North Hollywood, did not immediately reply to emails seeking comment or further details.

Sands starred opposite Helena Bonham Carter in the 1985 British romance from director James Ivory, “A Room With a View.”

He also had major roles in in 1989′s “Warlock,” 1990′s “Arachnophobia,” 1991′s “Naked Lunch,” 1993′s “Boxing Helena,” and 1995′s “Leaving Las Vegas.”

Sands has worked consistently in the decades since with smaller roles in film and television.

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GoFundMe says it removed George Santos’ fundraiser for a veteran’s sick dog and banned Santos’ email from the platform after he ghosted them

George SantosNew York Congressman-Elect George Santos speaks during the Republican Jewish Coalition (RJC) annual leadership meeting.

David Becker for the Washington Post/via Getty Images

  • GoFundMe says it took down a 2016 fundraiser for a dying dog that was linked to George Santos.
  • GoFundMe said its trust and safety team could not contact him, and later suspended his account.
  • GoFundMe told Insider it has a “zero tolerance policy” for the misuse of its services.

GoFundMe says it suspended Rep. George Santos’ account from its platform in late 2016 and removed a fundraiser he started for a dying dog.

GoFundMe was responding to queries from Insider about a new scandal plaguing Santos. As first reported by Patch, a military veteran is accusing Santos of taking $3,000 worth of GoFundMe funds meant for the man’s sick dog.

“When we received a report of an issue with this fundraiser in late 2016, our trust and safety team sought proof of the delivery of funds from the organizer,” GoFundMe told Insider. The platform was responding to Insider’s questions on the fundraiser, started by one Anthony Devolder. Devolder is one of Santos’ known aliases.

“The organizer failed to respond, which led to the fundraiser being removed and the email associated with that account prohibited from further use on our platform,” GoFundMe added in its statement. 

The platform told Insider that it has a “zero tolerance policy” for misuse of its services. It added that it cooperates with law enforcement officers who are investigating accusations of wrongdoing.

GoFundMe did not immediately respond to follow-up queries on when the fundraiser was removed.

Rich Osthoff, a veteran who lives in New Jersey, is accusing Santos of pilfering the GoFundMe funds. Osthoff told Patch that a man named Anthony Devolder started a GoFundMe page for his sick dog, Sapphire, in 2016.

Insider saw multiple posts on Osthoff’s Facebook page from May to July 2016 linked to a GoFundMe page titled, “Click here to support sapphire The Veteran rescue! by Anthony Devolder.”

GoFundMe confirmed to Insider that the fundraiser raised over $3,000. But Osthoff says Devolder changed tack after the fundraiser hit the $3,000 mark, saying the cash would go to other dogs before eventually ghosting Osthoff altogether.

Questions about the GoFundMe funds join the swirl of lies and controversies surrounding Santos, who has admitted to lying about his education, his heritage, and his work history. 

Santos he has denied knowing Osthoff, calling the Patch story “fake” in a text message to Semafor.

Osthoff and representatives for Santos did not immediately respond to Insider’s requests for comment.

Read the original article on Business Insider
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Elon Musk Depicted as Liar, Visionary as Tesla Tweet Trial Begins

SAN FRANCISCO — Elon Musk was depicted Wednesday as either a liar who callously jeopardized the savings of “regular people” or a well-intentioned visionary as attorneys delivered opening statements at a trial focused on a Tesla buyout that never happened.

Lawyers on opposing sides drew the starkly different portraits of Musk for a nine-person jury that will hear the three-week trial. The case is focused on two August 2018 tweets that the billionaire posted on Twitter, which he now owns.

The tweets indicated that Musk had lined up the financing to take Tesla private at a time when the automaker’s stock was slumping amid production problems.

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The prospect of a $72 billion buyout fueled a rally in the company’s stock price that abruptly ended a week later after it became apparent that he did not have the funding to pull off the deal after all. Tesla shareholders then sued him, saying that Tesla shares would not have swung so widely in value if he had not dangled the idea of buying the company for $420 per share.

Nicholas Porritt, a lawyer representing Glen Littleton and other Tesla shareholders in the class-action case, promptly vilified Musk as he addressed jurors.

“Why are we here?” Porritt asked. “We are here because Elon Musk, chairman and chief executive of Tesla, lied. His lies caused regular people like Glen Littleton to lose millions and millions of dollars.” He also asserted that Musk’s tweet also hurt pension funds and other organizations that owned Tesla stock at the time.

Musk’s lawyer, Alex Spiro, countered that the run-up in Tesla’s stock after the tweet mostly reflected investors’ belief in Musk’s ability to pull off stunning feats, including building the world’s largest electric automaker while also running SpaceX, a maker of rocket ships.

“Mr. Musk tries to do things that have never been done before. Everyone knows that,” Spiro told the jury.

Read More: Elon Musk Is Convinced He’s the Future. We Need to Look Beyond Him

Spiro added that Musk had been in advanced talks with representatives from Saudi Arabia’s Public Investment Fund to take Tesla private.

“He didn’t plan to tweet this,” Spiro said of Musk’s Aug. 7, 2018, statement at the heart of the trial. “It was a split-second decision” aimed at being as transparent as possible about the discussions with the Saudi fund about a potential deal.

After saying “funding secured” for the buyout, Musk followed up with another tweet that suggested a deal was imminent.

Littleton, a 71-year-old investor from Kansas City, Missouri, was the first witness called to the stand. He said Musk’s claim about the financing alarmed him because he had purchased Tesla investments designed to reward him for his belief that the automaker’s stock would eventually be worth far more than the $420.

He said he sold most of his holdings to cut his losses but still saw the value of his Tesla portfolio plunge by 75%.

“The damage was done,” Littleton lamented. “I was in a state of shock.”

Littleton’s frustration escalated in October 2018, when he lashed out at Tesla for late deliveries on vehicles for some of his nieces and nephews. That led him to become a lead investor in the lawsuit.

“I still believe in Tesla to this day. I do,” Littleton said.

Read More: Elon Musk’s Twitter Plans Show He’s Lost Focus on What Got Him This Far

During cross-examination, a lawyer for Tesla’s board of directors repeatedly questioned whether Littleton had legitimate reason to believe a buyout was inevitable, but the investor remained steadfast even while seeming confused at times.

“’Funding secured’ was the only thing that mattered to me,” Littleton testified. “That was such a defining statement.”

Musk’s 2018 tweets attracted the attention of securities regulators, who concluded that they were improper and that he was lying. In a settlement, they forced him to pay $40 million and required him to step down as Tesla chairman.

U.S. District Judge Edward Chen, who is presiding over the trial, ruled that the shareholders’ lawyers can’t mention that settlement in the case.

But Chen has already ruled that Musk’s tweet was false, a finding that can be alluded to during the trial without specifically mentioning the determination made by the judge. Pollitt seized on that opportunity during his opening statement, informing jurors that they are to assume Musk’s tweet was false, as the judge allowed. Spiro shook his head as he listened.

The trial’s outcome may turn on the jury’s interpretation of Musk’s motive for the tweets. And Musk will have his chance to make his case to the jury.

After the trial adjourned Wednesday, Porritt told The Associated Press he hopes to call Musk to the stand when the proceedings resume Friday after two other witnesses testify. If the allotted time runs out Friday, Musk will likely testify Monday, Porritt said.

Musk’s leadership of Twitter — where he has gutted the staff and alienated users and advertisers — has proven unpopular among Tesla’s current stockholders, who are worried that he has been devoting less time to automaker at a time of intensifying competition.

Read More: The Clarifying Moment Elon Musk Has Given Us

Those concerns contributed to a 65% percent decline in Tesla’s stock last year that wiped out more than $700 billion in shareholder wealth — far more than the $14 billion swing that occurred between the company’s high and low stock prices from Aug. 7 to Aug. 17, 2018, the period covered in the lawsuit.

Tesla’s stock has split twice since then, making the $420 price cited in his 2018 tweet worth $28 on adjusted basis now. The shares closed Wednesday at $128.78, down from the company’s November 2021 split-adjusted peak of $414.50.

After Musk dropped the idea of a Tesla buyout, the company overcame a production problem, resulting in a rapid upturn in car sales that caused its stock to soar and made Musk the world’s richest person until he bought Twitter. Musk dropped from the top spot on the wealth list after a stock market backlash to his handling of Twitter.

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Microsoft to Lay Off 10,000 Workers, Joining Other Tech Giants in Scaling Back Pandemic-Era Expansions

Microsoft is cutting 10,000 workers, almost 5% of its workforce, joining other tech companies that have scaled back their pandemic-era expansions.

The company said in a regulatory filing Wednesday that the layoffs were a response to “macroeconomic conditions and changing customer priorities.”

The Redmond, Washington-based software giant said it will also be making changes to its hardware portfolio and consolidating its leased office locations.

Read More: Big Tech Layoffs Are Hurting Workers Far Beyond Silicon Valley

Microsoft is cutting far fewer jobs than it had added during the COVID-19 pandemic as it responded to a boom in demand for its workplace software and cloud computing services with so many people working and studying from home.

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“A big part of this is just overexuberance in hiring,” said Joshua White, a finance professor at Vanderbilt University.

Microsoft’s workforce expanded by about 36% in the two fiscal years following the emergence of the pandemic, growing from 163,000 workers at the end of June 2020, to 221,000 in June 2022.

The layoffs represent “less than 5 percent of our total employee base, with some notifications happening today,” CEO Satya Nadella said in an email to employees.

“While we are eliminating roles in some areas, we will continue to hire in key strategic areas,” Nadella said. He emphasized the importance of building a “new computer platform” using advances in artificial intelligence.

He said customers that were accelerating their spending on digital technology during the pandemic are now trying to “optimize their digital spend to do more with less.”

“We’re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one,” Nadella wrote.

Other tech companies have also been trimming jobs amid concerns about an economic slowdown.

Amazon and business software maker Salesforce earlier this month announced major job cuts as they prune payrolls that rapidly expanded during the pandemic lockdown.

Amazon said that it will be cutting about 18,000 positions and began notifying affected employees Wednesday in the U.S., Canada and Costa Rica, with other regions to follow, according to emails from executives. The job cuts, which began in November, are the largest set of layoffs in the Seattle company’s history, although just a fraction of its 1.5 million global workforce.

Read More: Big Tech’s Implosion Could Save the Planet

Also Wednesday, the U.K.-based cybersecurity firm Sophos confirmed it had laid off 10% of its global workforce — 450 employees — on Tuesday. Sophos, known for threat intelligence and detection, was acquired in 2020 by the private equity firm Thoma Bravo for $3.9 billion.

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce. And Elon Musk, the new Twitter CEO, has slashed the company’s workforce.

Nadella made no direct mention of the layoffs on Wednesday when he put in an appearance at the World Economic Forum’s annual meeting happening this week in Davos, Switzerland.

When asked by the forum’s founder Klaus Schwab on what tech layoffs meant for the industry’s business model, Nadella said companies that boomed during the COVID-19 pandemic are now seeing “normalization” of that demand.

“Quite frankly, we in the tech industry will also have to get efficient, right?” Nadella said. “It’s not about everyone else doing more with less. We will have to do more with less. So we will have to show our own productivity gains with our own sort of technology.”

Microsoft declined to answer questions about where the layoffs and office closures would be concentrated. The company sent notice to Washington state employment officials Wednesday that it was cutting 878 workers at its offices in Redmond and the nearby cities of Bellevue and Issaquah.

As of June, it had 122,000 workers in the U.S. and 99,000 elsewhere.

White, the Vanderbilt professor, said all industries are looking to cut costs ahead of a possible recession but tech companies could be particularly sensitive to the rapid rise in interest rates, a tool that has been used aggressively in recent months by the Federal Reserve in its fight against inflation.

“This hits tech companies a little harder than it does industrials or consumer staples because a huge portion of Microsoft’s value is on projects with cash flows that won’t pay off for several years,” he said.

Among the projects that have been attracting attention recently is Microsoft’s investment in its San Francisco startup partner OpenAI, maker of the writing tool ChatGPT and other AI systems that can generate readable text, images and computer code.

Read More: AI Chatbots Are Getting Better. But an Interview With ChatGPT Reveals Their Limits

Microsoft, which owns the Xbox game business, also faces regulatory uncertainty in the U.S. and Europe delaying its planned $68.7 billion takeover of video game company Activision Blizzard, which had about 9,800 employees as of a year ago.

AP Business Writers Kelvin Chan in London and Frank Bajak in Boston contributed to this story.

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